Core Viewpoint - Zhejiang Changcheng Mixing Equipment Co., Ltd. has withdrawn its IPO application, leading to the termination of its review for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Group 1: IPO and Financial Plans - Changcheng Mixing submitted its prospectus in September 2022, aiming to raise 434 million RMB for production expansion and R&D center projects [3] - The company planned to invest approximately 380 million RMB in the production expansion project and 70 million RMB in the R&D center, totaling 450 million RMB [4] Group 2: Governance and Financial Concerns - The listing committee raised concerns regarding the company's service providers, R&D expenses, and corporate governance, specifically questioning the significant increase in R&D expenses in 2022 [4] - The company has a concentrated ownership structure, with seven individuals holding 90.47% of the shares, including the chairman and his family members [5] Group 3: Company Overview and Performance - Changcheng Mixing specializes in the R&D, production, sales, and service of mixing equipment, customizing solutions based on client needs [7] - The company's revenue grew from approximately 287 million RMB in 2020 to 551 million RMB in 2022, with net profits increasing from about 66.94 million RMB to 108.46 million RMB during the same period [8] - As of December 31, 2022, the total assets were approximately 1.069 billion RMB, with a debt-to-asset ratio of 70.13% [9]

Core Viewpoint - Changcheng Mixing announced the termination of its initial public offering (IPO) application for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [1] Company Overview - Changcheng Mixing, established in 1993, specializes in the research, production, sales, and service of mixing equipment, with its main products being mixing devices [4] - Comparable companies in the industry include Hengfengtai, Oumai Machinery, Guomao Co., Tongli Technology, Yitong Sealing, and Zhongmi Holdings [4] Financial Performance - The company's projected revenues for 2022, 2023, and 2024 are 551.27 million yuan, 652.06 million yuan, and 683.09 million yuan, respectively [4] - Net profits attributable to shareholders for the same years are projected to be 108.46 million yuan, 165.61 million yuan, and 140.09 million yuan [4] - The net profit and net profit after deducting non-recurring gains and losses for 2024 are expected to decline by 15.41% and 9.57%, respectively [4] IPO Details - The company planned to issue no more than 45 million shares of ordinary stock (A-shares) and aimed to raise approximately 434 million yuan for the expansion of mixing equipment production and the construction of a research and development center [5][6] - The total investment for the mixing equipment production expansion project is 380.19 million yuan, with 374.25 million yuan from the raised funds, while the R&D center construction project has a total investment of 70.29 million yuan, with 59.79 million yuan from the raised funds [6] Governance and Control - The actual controllers of the company, including Yu Peiqing and Jin Youxiang, collectively hold 89.42% of the shares [6] - The company has faced inquiries regarding its governance structure, particularly concerning the relationships among its major shareholders and management [9]